Deepak Rao’s mother gets over Rs 50 lakh compensation in three days

Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."

Mangaluru, Jun 6: As buses in Karnataka are operating following precautionary measures issued by the government to combat COVID-19, a few bus conductors were seen working wearing protective gears resembling personal protective equipment (PPE) on Saturday.

The Karnataka government had allowed resumption of bus services in the state during the fourth phase of COVID-19 lockdown, which ended on May 31.

The private buses were also equipped with hand sanitiser for the passengers. All the passengers were seen wearing face masks and maintaining distance from each other.

One of the bus conductors, en route State bank to Shaktinagar in Mangaluru was, was seen fully covered with protective suit.  

Sudarshan, a private bus conductor, also covered his face with a face shield. "PPE kit is for our protection and it is a must to keep ourselves and our passengers safe from COVID-19. All necessary equipment, including sanitisers and masks to fight COVID-19 have been provided by our bus owner to us," Sudarshan said.

Bengaluru, Jan 18: The government slammed Kerala’s tourism department for putting out a tweet on Sankranti Day, promoting ‘beef ularthiyathu’, a specialty in that state, but the move backfired spectacularly with Karnataka’s tourism minister being heavily trolled.

After Kerala put out its advertisement, state tourism minister CT Ravi, seizing the opportunity, took a dig at the Left government in Kerala, saying, “Welcome to Karnataka”. He followed that up with another tweet listing delicious “vegetarian” dishes of coastal Karnataka — a coastline which runs to Kerala.

“Welcome to Karnataka to bring out the Vegetarian in you. Enjoy the flavors of Tulu Nadu – Pathrode, Kotte Kadubu, Halasina Hannina Gatti, Avalakki Upkari, Badanekayi Mosaru Gojju and a whole lot of authentic food to hit Your tastebuds,” Ravi’s tweet read.

Ravi’s tweet sparked a debate between those for and against eating beef, including legislators like Sowmya Reddy (Congress) and Shobha Karandlaje (BJP). Some pointed out that Karnataka is 80% non-vegetarian and an appropriate response to beef curry would have been “pandi curry” (wild pig curry) — a Kodagu specialty.

Realising his tweets were getting more negative than positive traction, Ravi quickly amended his stand and on Friday tweeted: “Nati Koli Saaru Mudde. Aw! Delightful Delicacy of Old Mysuru region. Farm bred Chicken traditionally cooked to perfection and served with the soft Ragi Mudde. You will ask for more !!!”